Simple Interest Example

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Simple Interest Example

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Simple Interest

Example A 2 year loan of 500 is made with 4 simple interest Find the interest earned Solution Always take a moment to identify the values given in the problem Here we are given Time is 2 years t 2 Initial amount is 500 P 500 The rate is 4 Write this as a decimal r 0 04 Now apply the formula What is simple interest? Simple interest is calculated by finding a percent of the principal (original) amount and multiplying by the time period of the investment. The final value of an investment can then be found by adding/subtracting the.

Calculate Simple Interest Principal Rate Or Time

Simple Interest ExampleFor example, let's say that a student obtains a simple interest loan to pay for one year of college tuition. The loan amount is $18,000. The annual interest rate on the loan is 6%. Simple interest is found by using the formula SI PRT 100 where P is the principal R is the rate of interest and T is the duration The values of P R and T have to be substituted in this formula to calculate the simple interest Here is an example to understand the process better for same P and R values but for different T values Example

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